What amount should be shown in GH’s statement of profit or loss for the year ending 30 June 20X3?

CORRECT TEXT

GH’s tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.

There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.

What amount should be shown in GH’s statement of profit or loss for the year ending 30 June 20X3?

Give your answer to the nearest $.

View Answer

Answer: $771000